Plus Heroes and Jerks for the Week
Paydaylenders victim regarding the working bad by providing severely high-interestloans (for instance, a 10-week loan for $200 might cost an additional$200 in interest and charges). This dilemma ended up being therefore severe that DonaldRumsfeld, previous assistant of protection for President Bush, discovered thathaving payday loan providers near army bases ended up being a risk to people ofthe armed forces. Rumsfeld supported legislation nearly the same as theWisconsin bill authored by Rep. Gordon Hintz that limits interest to36% a 12 months.
Rep.HintzвЂ™s Assembly Bill 392 to modify payday loan providers was referredto the Committee on banking institutions, where it really is very nearly certainto die. How come AB 392, that will be about since clear an illustration of goodpublic policy given that Legislature has managed into the past severalyearsand that has strong support that is bipartisan including progressiveMilwaukee legislators like Rep. Read more